Appian has partnered with Symphony to address the challenge of automating compliance in the financial markets. The partnership will enable audits of compliance-enabled omnichannel communications as part of an organisation’s workflow.

Michael Beckley, Chief Technology Officer and co-founder, Appian (Image Credit: Appian)
Michael Beckley, Chief Technology Officer and co-founder, Appian

Michael Beckley, Founder and Chief Technology Officer at Appian, said, “Appian and Symphony are committed to making banks more resilient during a time of exponentially increased regulatory pressure and economic uncertainty.

“Combining process efficiency with a tool that provides built-in auditing and compliant communication means less risk of fines and less productivity loss for financial institutions.”

Solving a long-standing problem

The introduction of mobile phones, email, SMS and other communications has been causing problems for regulated companies for decades. They have broken the previous, highly controlled communication processes between financial services companies and their clients. The result has been financial institutions paying billions of dollars in regulatory fines over the past few decades.

The Symphony Connected System is a secure compliance-ready messaging platform. It captures voice and messaging data and comes with its own API to create and manage chat rooms. The product already has a number of integrations covering front-office and operations. Among those integrations are those into platforms like Salesforce and others owned by major financial institutions.

This announcement goes further by bringing the workflow skills of the Appian Platform to Symphony customers. It allows them use the Symphony API and bring data into existing compliance processes. Those workflows can then automatically trigger any compliance actions that are required. In addition, it will improve the ability of auditors to capture the data they need to meet their requirements.

Customers can download the Symphony Messaging Component from the AppMarket on Appian Community.

Enterprise Times: What does this mean?

Compliance and communication channels are a major nightmare for all organisations. The explosion of messaging platforms has given rise to too many ways that rules can be effectively bypassed. This is a non-trivial problem to solve.

Look outside of financial services and you see the breadth of the problem. For example, the UK Covid enquiry is throwing up the misuse of communications. Too many politicians and advisors from Westminster to Holyrood were making decisions via WhatsApp and other platforms. Many of those messages were “lost” or “deleted”, reducing the transparency of what went on. As Appian points out, transparency is a key part of this announcement.

What is interesting here is not that Appian has partnered with Symphony, but that it is demonstrating the ability to automate workflows to manage compliance. It will be interesting to see if this becomes the start point for Appian partnering with other compliance platforms.

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